By Sabela Ojea
Shares of CIIG Capital Partners II Inc. were briefly halted in premarket trading Tuesday after the special-purpose acquisition company said it entered a business combination agreement with the U.K. company Zapp Electric Vehicles Ltd.
The blank-check company said that, upon closing the transaction, the combined group Zapp Electric Vehicles Group Ltd. would list on Nasdaq.
Zapp Electric Vehicles is a high-performance two-wheel electric vehicle company, CIIG said.
"Combining with CIIG II and becoming a publicly listed company will enable us to scale our business, increase production and fulfill demand for electrification in the largely underpenetrated electric two-wheel market," Zapp's Chief Executive Swin Chatsuwan said.
CIIG's shares closed at $10.05 on Monday, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 22, 2022 08:10 ET (13:10 GMT)
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